2008-05-05 23:57:01 -

- Fitch affirms the ratings of the Honda Auto Receivables Owner Trust 2006-1 asset-backed notes as follows:

Honda 2006-1:

--Class A-3 at 'AAA';

--Class A-4 at 'AAA'.

The rating affirmation is based on available credit enhancement. The collateral continues to perform within Fitch's expectations. In addition, under the credit enhancement structure the securities are able to

withstand stress scenarios consistent with the original ratings and make full payments to investors in accordance with the terms of the documents.

As before, the ratings reflect the quality of American Honda Finance Corporation retail auto loan originations, the strength of its servicing capabilities, the sound financial and legal structure of the transaction, and the strength of the servicing provided by American Honda Finance Corporation.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.

Fitch Ratings, New York
Hylton Heard, 212-908-0214
Lauren Tierney, 212-908-9168
or
Media Relations:
Sandro Scenga, 212-908-0278